HomeAltcoin NewsEthereum Price Analysis: ETH Holds Key Uptrend Support

Ethereum Price Analysis: ETH Holds Key Uptrend Support

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  • Ethereum price started a downside correction from the $2,135 resistance against the US Dollar.
  • ETH price is now trading below $2,050 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $1,975 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it breaks the $1,975 support zone.

Ethereum price is declining below $2,050 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,975 support zone.

Ethereum Price Analysis

In the past few weeks, Ethereum started a decent increase above the $1,900 resistance zone against the US Dollar. ETH price climbed above the $1,950 and $2,000 resistance levels.

Finally, it tested the $2,150 resistance zone. A high was formed near $2,134 before there was a downside correction. There was a move below the $2,050 support zone. The price even traded below the 50% Fib retracement level of the upward move from the $1,929 swing low to the $2,134 high.

ETH is now trading below $2,050 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $1,975 on the 4-hour chart.

On the upside, the price is now facing resistance near the $2,030 level. The next major resistance is near the $2,085 level. The next major resistance is near the $2,150 zone. A clear move above the $2,135 and $2,150 resistance levels might call for a fresh move to $2,250.

Any more gains could even send the price toward the $2,400 resistance zone or even $2,500 in the near term. On the downside, initial support is near the $1,975 level and the trend line. It is close to the 76.4% Fib retracement level of the upward move from the $1,929 swing low to the $2,134 high.

The next major support is now near the $1,920 level. A break below the $1,920 support could push the price to $1,850. If the bulls fail to protect the $1,850 support, the price might decline toward $1,660.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below $2,050 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $1,975 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.

Key Support Levels – $1,975, followed by the $1,920 zone.

Key Resistance Levels – $2,085 and $2,150.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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